Nebius Sinks 19% as Delays Push Revenue Into 2027

Nebius Group’s revenue rose 571% from a year earlier to $980.8 million in the third quarter, the company said in its letter to shareholders on Thursday. Analysts had expected about $907.5 million, according to Investing.com.

A slower 2026, a bigger bill

The outlook did the damage. Nebius now expects 2026 revenue at the low end of its $3.0–3.4 billion range, because part of this year’s revenue is moving into the first half of 2027 as capacity at third-party sites arrives later, the letter said. In New Jersey, the remaining capacity contracted with Microsoft is now scheduled for the second quarter of 2027.

Spending moves the other way. Nebius raised its 2026 capital spending plan to about $27 billion, from $20–25 billion, and sees $40–45 billion in 2027, when it expects revenue of $12–13 billion. It also pushed back its run-rate revenue goal: more than $7 billion for February, instead of $7–9 billion by December.

Founder and CEO Arkady Volozh wrote that demand “remains exceptionally strong” and that the company’s confidence in what it is building “has not changed”.

How the shares reacted

Nebius fell 16% to $130.50 before the opening bell, Proactive reported. By late morning in New York the shares were down more than 19%, CNBC reported, while CoreWeave, another AI cloud provider, slid about 9%.

CNBC also tied the slide in these so-called neocloud stocks to Jensen Huang’s exit from Nvidia, their main chip supplier. Nebius had already slid on its outlook earlier on Thursday.